Kim Kardashian to pay $1.3M fine to settle SEC charges over crypto promo

According to the U.S. Securities and Exchange Commission, Kardashian did not disclose that she received $250,000 in exchange for publishing an Instagram post regarding EMAX tokens.

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As a result, officials from the Securities and Exchange Commission announced Monday morning that Kardashian has agreed to pay a $1.26 million fine.

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The reality TV actress was accused by federal officials of failing to declare that she had been paid $250,000 to publish an Instagram post regarding EMAX tokens, a cryptocurrency product marketed by EthereumMax.

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According to the SEC statement, the post contained a link to EthereumMax's website, which offered instructions for prospective investors on how to buy EMAX coins. 0218 Gray Frame Corner Gray Frame Corner

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According to officials, she also consented to refrain for three years from promoting any cryptocurrency assets.

As SEC Chair Gary Gensler noted, "This case is a reminder that just because celebrities or influencers support investment possibilities, including crypto asset securities, doesn't guarantee that those investment products are suitable for all investors." We advise investors to take their personal financial objectives into account when evaluating an investment's possible risks and opportunities.

Kardashian is "pleased to have resolved this situation with the SEC," according to her attorney. 0218 Gray Frame Corner

According to her lawyer, "Kardashian completely cooperated with the SEC from the outset and she is prepared to do anything she can to assist the SEC in this matter." She wished to put this issue behind her in order to prevent a drawn-out argument. She is able to do that because to the arrangement she negotiated with the SEC, allowing her to continue with her numerous business endeavours. Gray Frame Corner 0218